Keeping Your Kids Covered – Finding Health Insurance Post-Graduation

When your children graduate, there are two things you should know. First, congratulations. Second, consider their health insurance needs. Perhaps this is the last thing you ask yourself but it may be among the most significant. About one in five people in their 20s do not have health insurance, according to recent studies. However, one unexpected illness or accident could have long-lasting health and financial consequences.

“Choosing the right health coverage for your child may seem difficult as many people have never shopped for their own health insurance or worry they cannot afford it,” said Mark Smith, president of HealthMarkets Insurance Agency. “A wide range of coverage options are available to meet your child’s unique care needs and financial situation post-graduation.”

To find the right coverage, it’s important to know what’s available, what to ask and what information is needed to enroll. To narrow the options, know:

• When does your child’s current coverage end?
• Is coverage under my plan an option? Under the Affordable Care Act’s “Age 26” rule, parents and guardians may maintain or add their children to their plans until their 26th birthday or another date that year, if you are enrolled, and ­additional premiums are paid. Also, be sure to check state regulations as some have extended eligibility beyond age 26.
• What can we afford? Think about what portion of his or her monthly budget can be used for health coverage or other insurance. Young adults may be eligible for additional options based on their specific financial situation.

“Health coverage decisions can be made simpler—and there are resources to help,” Smith said. “Whether your family chooses to do its own research and enrollment or engage outside services, determining what your graduate may need and can afford will help you find health coverage that ensures your child has access to care now.”